Anybody a mortage broker here?????

**symmetry101** · 02-19-2005, 05:32 PM

I am interested in going into this field as I here it can be pretty lucrative. I do sales now succesfully but pretty much have a cap on my earning potential. I just wanna here some pros & cons before making a decision. Also, is there special licensing involved, I live in Ny. Thanks

**sp9** · 02-19-2005, 05:36 PM

I work in IT, in support of a mtg co., and I have been on the servicing side of mtgs in the past. I would say for brokers it has been a very nice run these last few years. I have been in the bus for 15yrs. Usually it is a rollercoaster ride of great times and bad times in this industry. Most of the refi business has dried up but new housing starts keep climbing. I would defin say that prior to this nice little run in int rates I would have never considered working on the originations side of the business. Too many layoffs and too many job hunts for me. If you are in it at the right time it is a gold mine but even if you have been there for years if you don't meet your sales goals you are out on your butt.

**Benches505** · 02-19-2005, 05:42 PM

Originally Posted by sp9

I work in IT, in support of a mtg co., and I have been on the servicing side of mtgs in the past. I would say for brokers it has been a very nice run these last few years. I have been in the bus for 15yrs. Usually it is a rollercoaster ride of great times and bad times in this industry. Most of the refi business has dried up but new housing starts keep climbing. I would defin say that prior to this nice little run in int rates I would have never considered working on the originations side of the business. Too many layoffs and too many job hunts for me. If you are in it at the right time it is a gold mine but even if you have been there for years if you don't meet your sales goals you are out on your butt.

Well said Bro! The refi business has dried up and rates won't be coming down again for the near future. Unless you have a good in route with realtors or are very connected I would advise against jumping in now. There is always the lucrative high risk market but you need to get with the right firm and farm the hell out of your realtors. C/D paper is where the money will be over the next 5 years.

GL